{"id":10655,"date":"2012-03-21T08:33:13","date_gmt":"2012-03-21T08:33:13","guid":{"rendered":"http:\/\/192.168.1.14\/index.php\/2012\/03\/21\/introduction-of-mortgagees-interest-insurance-hulls\/"},"modified":"2025-09-01T01:21:48","modified_gmt":"2025-08-31T17:21:48","slug":"introduction-of-mortgagees-interest-insurance-hulls","status":"publish","type":"post","link":"https:\/\/andrewliu.com.hk\/zh\/introduction-of-mortgagees-interest-insurance-hulls\/","title":{"rendered":"Introduction of Mortgagees’ Interest Insurance-Hulls"},"content":{"rendered":"

 <\/span>\"pdf\" <\/span>ENG<\/a>    <\/span>\"pdf\" <\/span>\u4e2d\u6587<\/a>  <\/span><\/p>\n

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Shipowners, when they deal with the banks or leasing companies to arrange the mortgage, may have been requested by their mortgagee to purchase or pay for the Mortgagees’ Interested Insurance. We are pleased to provide a brief introduction about this insurance to let shipowners have better understanding of its coverage.<\/p>\n

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The Mortgagees’ Interest Insurance was designed when people understood that the traditional marine insurance policy could not provide sufficient protection to the mortgagees’ interest. The Mortgagees’ Interest Insurance (MII) is an insurance specially designed for mortgagees’ interest. The mortgagee is the insured on the policy and the mortgagees’ interest is the insured subject. It covers the loss of the mortgagee when he \/ she lose the right of to obtain the reimbursement in according to the loss payable clause from the shipowner’s H&M or P&I insurers.<\/p>\n

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MII is the second layer of protection to mortgagee. The first layer is the shipowner’s H&M or P&I insurance. Only when this first layer of protection fails to reimburse the claims due to the insured indemnity, the MII policy will be triggered to indemnify the mortgagees for their loss. It provides sufficient protection for mortgagee’s interests. In principal, due to the act or omission of the insure(s) on the H&M or P&I policy can lead to a claim arising by insured peril uncovered.<\/p>\n

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Lloyd’s Market, as a World’s insurance centre, has been provided mortgagee interest insurance clauses since 1986. The Joint Hull Committee has speculated Institute Mortgagees Interest Clauses \u2013 Hulls (IMI Clauses) which was revised in 1997.<\/p>\n

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The insured perils under IMI Clauses 1997 include:<\/p>\n

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